MIAMI, February 13 – The Related Group, the nation’s leading private multi-family developer in the United States, recently announced a $1 billion dollar investment vehicle with Lubert-Adler, a Philadelphia-based real estate private equity firm with over $6 billion in equity and $15 billion of assets under management.
The Related/Lubert-Adler investment vehicle was created to purchase mortgages and property solely from other developers, lenders and property owners. Assets will range from finished condominium units to raw land in Florida. The investment vehicle will not involve any changes to management or governance of The Related Group.
Jorge M. Perez, The Related Group’s Chairman and CEO, reiterated his confidence in the multifamily market stating, “Our unwavering commitment to the Florida market has driven the creation of an investment vehicle to leverage the sluggish market. The vehicle strengthens Related’s position by increasing our access to capital and expanding our company’s ability to make larger deals with other developers, lenders and property owners.”
Dean S. Adler, Lubert-Adler’s co-founder and CEO also expressed his enthusiasm for the venture stating, “The Related Group and Jorge Perez are the premier multi-family developer, owner and operator in Florida. We at Lubert-Adler are excited to work together with such an exceptional partner.”
About The Related Group:
Established in 1979, The Related Group is the nation's leading builder of luxury condominiums and one of the country's premier multi-family real estate development firms. Founded by Chairman and CEO Jorge M. Pérez, The Related Group has built and managed more than 70,000 residential units throughout Florida and the United States. The company ranks as the nation's top multi-family developer with a current development portfolio valued in excess of $10 billion, with reported revenue of more than $1.4 billion for 2006.
About Lubert-Adler:
Lubert-Adler is a real estate private equity firm specializing in redevelopments through joint ventures with local operating partners. Co-founded by Ira Lubert and Dean Adler in 1997, Lubert-Adler invests in all property types throughout North America and since its inception, has invested in over $15 billion of real estate assets. |